Lending money to friends & family

markelock

Lucy_loo wrote: »

I lent my Daughter £2,500 4 years ago saying she would pay me back. She has never paid a penny back and now says it was a gift. Can I take her to the small claims court? I do not want to do this but my Husband and I are not well off and need the money back. My Daughter works full time and so does her Husband and can now afford to pay us back but she refuses.I have nothing in writing.

did anyone else witness the conversation re: amount of loan and the fact that it was a loan and therefore needed to be repaid?

I presume she isn't offering you money now you need it?

Rich_Richmond

pennymakespounds wrote: »

not sure if this is right board..

member of our family "lent" couple of £thousand to a "friend" to fund something....
which didn't happen .. and guy has made himself completely uncontactable . Apparantely he's done similar with couple of other people

Whilst probably classed as my own stupid fault for just handing over cash .. last thing we expected was this .. from a supposedly "best friend" .
What legal actions can i take .. or "legal threats" can i make to try and get him to realise i'm seriously wanting my money back.

Well its the same old story of trust and cheat. You should always have to be very cautious if you have to lend money to someone who is either friend or family member as there is a major chance that you land up getting nothing in return. I am also sure that deal must have been made in cash and no paper work involved. If that's the case then its better that you forget the money or try some recovery agents to get your money back.
Or else, if you paid him either by check or account transfer then this can be brought forward as a proof that you lent him money on good faith and now he has cheated on you, you can actually sue him for it.

Well I hope you have got the lesson of life, not to trust anyone blindly.

All the best................

brightonman123

if you want to embarrass the person big time, and may get them to contact, put up posters around their home and other places they may go to, saying something along the lines of 'xxx is a (money) cheat', or 'does this man owe you money too'...?

denise123

wish i had read this thread last year, lent a mate not much, hundred pounds thats all, on the understanding it would be paid back by november of this year towards my christmas, my thinking here would be she could save 2.50 a week for a year and pay it into my account in one lump sum, guess what, still waiting, if i had read this thread during november 2007 i would not have done it.

brownbabygirl

this thread is full of those of us who have lent money and never got it back. Is there anyone willing to admit they have borrowed money and not paid it back and why? I would love to know why most never want to pay back what they borrow

bitterSTAR

A colleague at work was telling me about his mum's partner. He had a gambling habit, so he gave £30k to his parents last year so thet he wouldn't gamble it away. He's just asked for it back to find out they've blown £28k of it, and only have £2k to spare!!! And that is his own mother and father!!!!

shaven-monkey

sounds like he made a profit of £2k on that deal. He would have blown the whole lot.

chinaflowerscn

One of my friend is kind and lend some money to his classmate, but never think of getting them back, because his classmate has left the city without anyone know. It is terrible to lend money to those whom are not honest.

ragingbass

I think if you're considering lending to friends and family, look into zopa.com and see whether you can use that to track your lending. It may seem a bit much and takes a little bit of the trust out, but there seem to be plenty of examples on this thread on why you shouldn't just assume you'll get your money back!

Useless_with_wonga

Well i have to say i don't understand why people don't pay back friends and family. Not that i have ever borrowed any vast amounts from such people maybe a £10 here and there when i have been caught short etc. For me personally i wouldn't rest until i had paid that money back, i fret and twitter about it in my mind until such time as i have paid it, even if it was only £1. Needless to say i never owe money to friends for very long. I have always made a point of politely refusing loans from in laws and parent's when they have been offered because i'd hate to be indebted to relatives or even friends for that matter.
Strange that i don't view the financial institutions that i owe money too in the same way but that's another story altogether.:o
I have been "stung" a few times over the years myself lending out money to friends, OK mostly small amounts. I must learn to say "No" but i find it difficult and awkward when it's a mate asking.
Other times i have got money owed from friends but it has taken an age and suppose that's because i never push it i guess i think everyone thinks like me when it comes to owing friends money but obviously not:D
In conclusion i don't like it either way owing or being owed by friends it can make life difficult and embarassingly awkward